Page 1817 - Business Finance
Aid infrastructure creation to boost growth: Gadkari to RBI
Union minister Nitin Gadkari Saturday blamed RBI circulars for "complicating" project finance, and asked the central bank to aid infrastructure creation in the country and push up the growth rate. The road transport minister said over 150 projects involving investments of over Rs 2 lakh crore are currently struggling to get financial closure. "Unfortunately, many times ...circular issued by the RBI (is) creating more complications and this is one of the reasons why I am facing problems as far as financial closure is concerned," Gadkari said, speaking at the annual ET awards here this evening. "I feel that it is appropriate time for the RBI to support infrastructure in the country as far as our growth rate is concerned," he added. Asked if he has interacted with the RBI on this, he first said it is not his job and launched what can be perceived to be an attack on the RBI brass, which, media reports say, has peeved lenders because of its refusal to meet them. "It is not ..
J&K panchayat polls: Voting ends, 64.5 pc turn out recorded in Kashmir Valley
Voting for the first phase of panchayat elections in Jammu and Kashmir ended with 79.5 per cent of voter turnout in Jammu division and 64.5 per cent in Kashmir Valley.Chief Electoral Officer (CEO) of Jammu and Kashmir Shaleen Kabra, while sharing voting details of the first phase of the panchayat polls, said, "This is an unbelievable performance in Jammu & Kashmir. Polling has been unbelievably brisk and high today. It sets the tempo for the next eight phases of the election in the state."As much as 21.8 per cent voter turnout was recorded in Srinagar, 30.14 per cent in Budgam, 70 per cent in Kupwara, 69.1 per cent in Baramulla, 56.2 in Bandipora, 51.5 per cent in Leh and 77.7 per cent in Kargil.While, 74.1 per cent turnout was recorded in Kishtwar, 78.9 per cent in Rajouri, 78.7 per cent in Poonch, 83.6 per cent in Udhampur, 80.8 per cent in Doda, 80 percent in Kathua and 78.2 per cent in Ramban.Polling was held in 29 blocks of seven districts in Jammu Division and in the Kashmir
FoodTech expo witnesses 10% growth in east
The FoodTech exhibition in eastern India has been growing at 10 per cent a year in terms of generating business-to-business (B2B) volumes, revenues and footfalls as against the national average of 5 per cent, the organisers said. "Many International players, as a part of their pan-India strategy, have started focusing on the huge untapped potential in eastern region," said Zakir Hossain, Chief Convener of the 17th International FoodTech India Exhibition. The three-day "FoodTech India -2018: Bakery Tech & Hotel Tech" was inaugurated by Jayanta Kumar Aikat, Director of Food Processing Industries in the state, here Friday. The expo is also held in Delhi, Mumbai and Nengaluru. Highlighting the strong growth potential for food processing industries in West Bengal, Aikat said, "Small food processing companies in the state are opting for food safety certifications and there is a shift towards a more regulatory control regime." This year, more than 100 global brands and ...
Cyber "war room" to be set up BIT in Sathyamangalam
Lucideus Technologies, an IT Risk Assessment and Digital Security Services provider, is setting up a "cyber war room" at Bannariamman Institute of Technology in nearby Erode district, for grooming students to combat increasing cyber crime, a top company official said Saturday. The "war room", claimed to be the first such in India, would be launched by the next academic year," Lucideus co-founder and CEO, Saket Modi told reporters here. Modalities like investment and equipment and gadgets, are being worked out, he said. Modi, here to address an awareness session in Secured Digital India, presented an overview on the overall cyber security of government departments, private sector and academia. He claimed 80 per cent of technologies have become obsolete in the last two decades. In his address, DIG Coimbatore range G Karthikeyan said 12,317 incidents of cyber crime were reported in India in 2016. City Police Commissioner Sumit Sharan said India had 465 million internet ...
Economic offences direct challenge to nation's health: VP Naidu
Economic offences pose a direct challenge to the nation's health and wealth, Vice President M Venkaiah Naidu said Saturday. The world must wake up to this new challenge and adopt appropriate measures to deal with it, Naidu said while speaking at The Economic Times Awards for Corporate Excellence here. The Insolvency and Bankruptcy Code enacted by the government has begun to turn the wheel, he said, adding that some big resolutions have happened and banks are getting back their money. "There is now a change in mindset. There is greater eagerness to settle dues in a timely fashion. Because promoters know that once they are dragged to the NCLT, they could lose their companies. Banks are expected to recover over Rs 1.5 lakh crore of bad debts this year itself," he said. "What does this clean-up mean? It is obvious that credit will go to those with bankable ideas and not to those with clout and connections. This is the democratisation of credit. "The insolvency law epitomises the new way ..
Adhia to demit office after 4 eventful years in finance ministry
Having played a key role in the rollout of the historic Goods and Services Tax (GST), Finance Secretary -- top bureaucrat in the finance ministry -- Hasmukh Adhia would be retiring on November 30, 2018. Adhia was also holding the key office of revenue secretary. Unique Identification Authority of India (UIDAI) CEO Ajay Bhushan Pandey has been named as Adhia's successor as the revenue secretary. Adhia, 1981-batch Gujarat cadre IAS officer, moved to Delhi in November 2014 as the secretary in the Department of Financial Services after Narendra Modi became the prime minister. In August 2015, he was appointed as the revenue secretary and became finance secretary -- the top most bureaucrat in the finance ministry-- in November 2017. Although Adhia was associated with a host of key government programmes like Mudra Yojana, bank recapitalisation plan-Indradhanush, and other key social security schemes, his most important contribution in his four years in the central government is the ...
Can't procure groundnut from Guj this Kharif season: NAFED
Central agency NAFED has said it is not in a position to procure groundnut from Gujarat during Kharif 2018-19, citing irregularities in procurement and storage in the previous season. Gujarat Congress leader Shaktisinh Gohil shared with the media Saturday a letter written by executive director (pulses and oilseeds) of the National Agricultural Cooperative Marketing Federation (NAFED) to other departments of the Union Ministry of Agriculture. The letter said that in view of irregularities in procurement and storage of groundnut during Kharif 2017-18, NAFED is "finding it difficult to undertake procurement in the state of Gujarat" this season. Another reason it cited was non-utilisation of 3.37 lakh tons of groundnut procured in 2017-18, as the state government failed to meet its commitment to "utilise price support system (PSS) stock of groundnut under the Public Distribution System (PDS)". The letter is dated November 15. "I would like to ask the Gujarat government who ..
Banks not funding infra projects, RBI adding to complications: Gadkari
Union Road Transport and Highway Minister Nitin Gadkari on Saturday lashed out at banks saying they are not making financial closures for infrastructure projects worth Rs 2 lakh crore despite a "golden opportunity" and blamed the Reserve Bank for creating "more complications".
HealthifyMe announces major new launches and expansion plans
: Health and fitness app HealthifyMe has announced its plans covering product, technology and global expansion that it said will act as "anchors" for the company's growth over the next few years. The company announced the expansion of its platform with the launch of its curated online foods marketplace, 'EatBetter.' At the company's annual event 'Ignite' here Friday, it said it planned expansion into international markets, including increasing the footprint in South-East Asia. The company has already launched its services in Malaysia, a HealthifyMe release said, adding, Singapore, Indonesia and the Middle East are set to follow in the next 2 quarters. HealthifyMe has built a library of over 900 South-East Asian local foods with accurate protein, fibre, carbohydrate and calorie mapping, it said. The release said HealthifyMe has hired a team of local nutritionist and fitness coaches who would develop personalized diet and fitness plans for its South-East Asian ...
Ker govt signs MOU with Airbus BizLab
: Kerala's startup ecosystem got a major fillip as the state government Saturday signed aMemorandum of Understanding (MoU) with Airbus BizLab, a global aerospace accelerator, part of the Airbus group. The MoU was exchanged between Siddharth Balachandran, Leader, Airbus Bizlab India and Dr Saji Gopinath, CEO, Kerala Startup Mission (KSUM), in the presence of Chief Minister Pinarayi Vijayan here. Under the MoU, an Innovation Centre will be set up in Thiruvananthapuram, which will be the nodal body for planning and executing all the activities to help the startups. The ceremony was attended by Tom Jose, Chief Secretary, M Sivasankar, Secretary, Kerala IT; Margit Hellwig-Boette,German Consul General; M C Dathan, Scientific Advisor to the CM; Hrishikesh Nair, CEO, Technopark, among others. "We are confident that this partnership with Airbus Bizlab will help embed innovation in the industrial ecosystem of Kerala. It will up-skill the local youth and will enhance ...
Pipraich sugar mill to start functioning by Feb: Adityanath
Uttar Pradesh Chief Minister Yogi Adityanath inspected the ongoing construction work of a Rs 384-crore sugar mill at Pipraich Saturday and said it would become operational by February, 2019. "The mill was closed for 20 years and the farmers were facing a lot of difficulties...equipped with modern technology, it will also produce 27 megawatt electricity. A distillery will also be built here. The mill will start functioning from February, 2019," he said. "The Pipraich sugar mill will be the first sugar mill in the state where sulphur-free refined sugar will be made, which has a high demand in the international market. Arrangements for making ethanol directly from sugarcane have also been made," the chief minister said. In the first year of the mill, 10 lakh quintals of sugarcane would be required and once it became fully functional, it would require 80 lakh quintals of sugarcane, he said, adding that sugarcane farmers would not face difficulties anymore and would get good money for ...
ED attaches Rs 8.12 cr assets under PMLA
The Enforcement Directorate (ED) has attached immovable properties and balances lying in banks accounts worth Rs 8.12 crore under Prevention of Money Laundering Act (PMLA ) in a case pertaining to illegal cash deposits during the demonetisation period in Bank of India, Gaya, Bihar.These attached properties are held in the name of various firms viz. M/S V S Healthcare, Mumbai, M/S Vijay Solvex, Alwar, M/S Paras Lubricants, Delhi, M/S Resource E Waste Solutions Private Ltd, Delhi, M/s My Car Pvt Ltd, Kanpur, M/s Sanjog Steels Pvt Ltd, Jaipur, M/s Namokar Traders, Miraj( Maharastra) and M/s Sri Yasaswi Cashew Processors, Palasa (A.P.).The ED has already attached properties worth Rs 6.38 crore in this case. The total value of attachment, in this case, is now Rs 14.50 crore.During investigation under the provisions of PMLA, it was revealed that officials of Bank of India, Gaya in connivance with Motilal, Dhiraj Jain, Pawan Jain (Hawala operators of Gaya)and Bimal Jain (Hawala operator of ..
'JK govt plans to infuse capital into ailing cooperative banks'
The Jammu and Kashmir government is planning to soon infuse capital into the state's ailing cooperative banks in a bid to revive them. This was revealed by Secretary, Cooperatives and Social Welfare Departments, Farooq Ahmad Lone Saturday at a function organised by Jammu Central Cooperative Bank (JCCB) as part of the ongoing 65th Cooperative Week celebrations. He said, "The government is planning to bail out ailing cooperative banks in the state soon by infusing capital to revive them." Addressing the gathering, the secretary said that the main purpose of celebrating the cooperative week is to highlight achievements of the cooperative sector in various areas, reflect upon the shortcomings and chalk out future strategies of growth, based on dynamics of cooperative development in various sectors. He said that the week-long celebrations provide an opportunity to disseminate the message of cooperative movement among the masses at large by sensitising them on the various aspects of the ...
Board of Think Ink Studio approves change in CFO and appoints director
At meeting held on 17 November 2018
'70 per cent of India's population looks to private sector for healthcare needs'
Despite 70 years of investment in the country's healthcare sector, nearly 70 per cent of India's population has to look to the private sector, Indu Bhushan, chief executive officer of the Ayushman Bharat, said on Saturday.
Anubhav Infrastructure reports standalone nil net profit/loss in the September 2018 quarter
Sales reported at Rs 0.02 crore
Prakash Constrowell standalone net profit declines 39.66% in the September 2018 quarter
Sales rise 103.99% to Rs 61.36 crore
Tarmat standalone net profit declines 71.79% in the September 2018 quarter
Sales rise 97.33% to Rs 27.35 crore
Parabolic Drugs reports standalone net loss of Rs 14.35 crore in the September 2018 quarter
Sales decline 79.47% to Rs 4.92 crore
Malu Paper Mills standalone net profit rises 1219.23% in the September 2018 quarter
Sales rise 16.06% to Rs 78.41 crore